Brent oil price posts biggest monthly loss in six years as market counts on a U.S.-Iran deal
Brent oil prices experienced their largest monthly decline in six years, dropping over 19% in May. This decline coincided with hopes for a potential U.S.-Iran deal that could reopen the Strait of Hormuz. President Trump outlined several demands for Iran, which have been previously rejected, as negotiations continue.
- ▪Brent oil fell more than 19% in May, marking its worst month since March 2020.
- ▪U.S. West Texas Intermediate crude prices dropped nearly 17% in May, the worst performance since April 2025.
- ▪President Trump stated he would meet to make a final determination on an agreement with Iran.
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| Original publisher | CNBC — Top |
| Canonical URL | https://www.cnbc.com/2026/05/29/oil-price-iran-deal-war-ceasefire-trump.html |
| Publication time | Fri, 29 May 2026 20:13:49 GMT |
| Retrieval time | 2026-05-29T20:35:03.231Z |
| Last seen | 2026-05-29T20:35:03.231Z |
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| Ranking reason | Story pages are not engagement-ranked. Hub feeds use recency, with optional source-diversified chronological ordering (cap consecutive stories per source). No personalized ranking. |
| Publisher visit | Yes — open original |
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Opening excerpt (first ~120 words) tap to expand
Bent oil posted its biggest monthly loss in six years as traders hoped that the U.S. and Iran are nearing a deal that will reopen the Strait of Hormuz. The international oil benchmark fell more than 19% in May, its worst month since March 2020 when the Covid-19 pandemic closed economies. U.S. West Texas Intermediate crude prices shed nearly 17% in May, its worst performance since April 2025.Prices fell Friday after President Trump said he would meet in the White House Situation Room to make a final determination about an agreement with Iran. West Texas Intermediate lost 1.73% to close at $87.36 per barrel while Brent fell 1.77% to settle at $92.05 per barrel.But Trump laid out a series of demands that Iran has rejected in the past.
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